JUPITER, Fla., Sept. 7 /PRNewswire-FirstCall/ -- Dyadic International, Inc. ("Dyadic") (Pink Sheets: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of specialty enzyme products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced that Dyadic has received an additional $1 million to complete its previously announced private placement of convertible subordinated secured promissory notes (the “Notes”) which has provided Dyadic with total gross proceeds of $4 million. Three of the eight private investors participating in this offering are officers and/or directors of Dyadic representing approximately one-third of the total gross proceeds.
As previously announced, the Notes will pay interest quarterly at a rate of 8% per annum. The Notes will be convertible, at the holder’s option after January 1, 2011, into shares of Dyadic common stock at a conversion price of $1.82 which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on January 1, 2013.
Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.
The securities offered will not be registered under the Securities Act of 1933, as amended, (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The $4 million raised through the offering of these convertible notes, in combination with our current cash position, we believe provides Dyadic with sufficient capital to operate its business through the end of next year based on our current level of sales and without any additional licensing or other incremental revenue-generating events. However, this newly raised capital will not slow our continuous efforts to grow our business through the pursuit of additional licensees and other types of strategic collaborations to monetize our technologies, increased sales of industrial enzymes as well as other potential revenue-generating opportunities."
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
|SOURCE Dyadic International, Inc.|
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